CU Ties Knot With Other Firms In Wedding Proposal
As part of its plan to attract more young members, T&C Federal Credit Union is offering bridal packages that include discounts on everything from jewelry, flowers and gifts to wedding invitations, tuxedos and limousine services.
The community-chartered credit union with $515 million in assets partnered with five area businesses to create "Making Life Easier: Our Wedding Gift To You," a new campaign that targets engaged couples in Oakland County who are planning a wedding in the near future.
"We went to a marketing seminar that was being conducted by the Michigan Credit Union League where the speakers were talking about the younger generation and how credit unions need to go after that group," said Lon Bone, VP of Marketing at T&C FCU.
That's when the bells-wedding bells-went off in his head.
"When people get married, what do they do?" he asked. "They consolidate checking accounts and savings accounts."
With the support of the business community, he said, the CU put together a package for distribution at local bridal showers that included offers of discounts for products and services every bride and groom needs.
There is a catch, he said. Brides and grooms have to open a joint checking account to receive the discounts.
Bone said T&C FCU also held a drawing for a 0% interest loan and other prizes from its business partners and created a special loan rate of 8% for 72 months on loans up to $15,000 for wedding expenses.
"We did three bridal showers in January and February," he said, adding that several couples, so far, have taken the CU up on its offer to combine accounts and at least four applied for loans. He said credit union officials would attend more bridal showers in the fall.
The campaign was advertised via the member newsletter, electronic system, direct marketing and TV monitors in the branches. It was part of the credit union's bigger plan to lower the age of its membership, Bone said.
Other efforts have included conducting seminars for high school seniors, financial literacy classes and youth programs, he said, noting that the average age of the T&C FCU member is 49.